What has happened
Company shares Apple 04.30 NASDAQ: AAPL on Friday, after jumping from the company’s expectations in the third quarter, it jumped 10.5% to a new high of $ 425.04.
Despite many coronavirus challenges, Apple’s revenue rose 11% year-over-year to $ 59.7 billion. The profit growth of the technology giant was even more impressive. Its earnings per share rose 18% to $ 2.58. Wall Street expected revenue and profits of only $ 52.3 billion and $ 2.04, respectively.
Profits were large and Apple saw solid growth in the iPhone, Mac, iPad, wearable products and services stores.
“Apple’s June record was driven by double-digit growth in products and services and growth in each of our geographic segments,” said CEO Tim Cook in a press release. “This performance is a testament to the important role our products play in our customers’ lives in uncertain times and to Apple’s relentless innovation.”
Apple also announced a 4-in-1 split to “increase stock availability to a wider investor base.” Shareholders of the record will receive three more shares at the end of the business on August 24 for each Apple share they own. Shares of Apple will start trading on a split basis on August 31.
Investors rated the reports according to stock valuations on Friday.